Nio (NYSE: NIO), a stock that rode the electric vehicle (EV) hype in 2021, turned out to be among the biggest losers in 2022 -- it plunged 69% last year. At current prices, Nio could be a rare opportunity to buy a growth stock in a fast-growing industry. Here are the three biggest reasons why Nio stock is a solid buy right now for 2023.
Tesla's (NASDAQ: TSLA) surprise earnings beat last night was shaking up the electric vehicle (EV) industry this morning, as shares of solid-state batteries researcher QuantumScape (NYSE: QS) tumbled 1.5% through 11:15 a.m. ET, but Tesla's Chinese rivals Nio (NYSE: NIO) and Xpeng (NYSE: XPEV) gained 2.7% and 3.4%, respectively. Tesla surprised investors by reporting $1.19 per share in profits on sales of $24.3 billion -- beating on both the top and bottom lines despite cutting prices on its electric cars over the past couple months.
It all depends on whether you're trading for the short term or the long term.